Preparing for RMP ® (Risk Management Professional)

Course details

Pressures to complete projects on accelerated schedules and the call for innovations to stay ahead of the competition are among the reasons why qualified risk management professionals are needed on project management teams. Industry practice recognises the importance and special qualifications needed to be a project risk management professional.

Project risk management practitioners provide expertise in the specialised area of assessing and identifying project risks along with plans to mitigate threats and capitalise on opportunities. Project risk management professionals should be recognised for their knowledge, skills and experience in this specialized area of project risk management.

The Project Management Institute (PMI®) recognises the importance and special qualifications needed to be a project risk management professional. The PMI-RMP® credential will substantiate the applicant's knowledge, skills and experience in this area, and this PMI-RMP® preparation course will help in preparing to take and pass the RMP® certification exam.

Learning Outcomes

On successful completion of this training course, delegates should be able to:

• Understand the RMP® exam process (i.e. application procedure to taking the exam)
• Review the six processes of project risk management and their relation with other project management knowledge areas.
• Understand the governance and structures behind risk management
• Be able to distinguish between risk and issue management and how to do it.
• Analysis of the tools and techniques to identify risk
• Understand the qualitative approach to risk analysis
• Review of simulation tools and techniques such as Monte Carlo, PERT, Tornado Diagrams
• Understand how to monitor and communicate project risk on a timely basis
• Focus on risk monitoring and control
• Understand the communication principles behind risk and issues management
• Be able to manage stakeholder involvement with risk

Course Programme

The course is broken into the following areas: -

Introduction Session: - Overview of the RMP® Application and Exam

Topic 1: - Risk Communication

• Introduction to Risk Management
• Preparing for risk communication
• Risk and Stakeholder Management
• Managing Risks and Project Changes
• Communicating Risk Identification.
• Topic 1 Sample Exam

Topic 2:- Risk Governance

• The Principle involved in risk governance
• Risk management and the project life cycle
• Understanding the management of Risk
• Understanding escalation and management
• Topic 2 Sample Exam

Topic 3:- Principles and Concepts of Risk Management

• Definition of risk & risk management
• Stakeholder risk attitudes
• Responsibilities for risk within projects
• Topic 3 Sample Exam

Topic 4: - Planning Risk Management

• Components of the risk management plan
• Risk Breakdown Structures (RBS)
• Techniques for Risk Planning
• The Risk Management Plan
• Topic 4 Sample Exam

Topic 5: - Identify Risks

• Risk identification techniques
• The risk register
• Determining which risk tool to use
• Topic 5 Sample Exam

Topic 6: - Qualitative Risk Analysis

• Defining impact
• Risk probability and impact scoring
• Developing risk log
• Topic 6 Sample Exam

Topic 7: - Perform Quantitative Risk Analysis

• Data Gathering & Representation techniques
• Modelling & Simulation, Probability distribution
• Monte Carlo Simulations
• Tornado diagrams, sensitivity analysis, criticality analysis
• Decision trees
• Risk Expected Monetary Value (EMV) calculation
• Topic 7 Sample Exam

Topic 8: - Plan Risk Responses

• Strategies for positive and negative risks
• Risk & contracting
• The risk response action plan
• Contingency planning, calculating the contingency fund
• Secondary & residual risks
• Topic 8 Sample Exam

Topic 9: - Monitor and Control Risk

• Risk re-assessment
• Process improvement
• Managing contingency reserves
• Risk audits, trend analysis
• Topic 9 Sample Exam